Analyst Forecasts Shiba Inu Decline to $0.00001735 Before Recovery to New Highs – The Crypto Basic

TradingView analysts predict a correctional decline in the Shiba Inu to $0.00001735 before a potential recovery and surge to new highs.

This week, the Shiba Inu has experienced notable price fluctuations, consistent with a bearish trend in the market. Its price has fallen over the past 24 hours, contributing to a 2.64% decline over the past 7 days, and is trading at $0.00002053 at the time of writing.

The decline followed a multi-month high of $0.00003284 SHIB achieved in December 2024, after which the asset fell below $0.00002 territory before recovering. Following this decline, analysts are pointing to technical patterns that suggest further price movement in the near term.

Downward wave of Shiba Inu, before new high

TradingView Analysis observed The Shiba Inu price movement forms an expanding diagonal pattern followed by a corrective triangle. This pattern suggests a possible downturn before a possible reversal occurs.

This analysis highlights five wave expanding diagonals labeled 1 to 5, representing impulsive price movements.

Once the corrective triangle labeled as wave B completes, wave C is expected and we expect a decline towards the 0.618 Fibonacci retracement level around $0.00001735.

This is a demand zone where we could see a final correction before a significant rebound for Shiba Inu. The hope is that Wave C will complete the structure and set up the asset for potential profits later on.

SHIB Key Support and Bullish Setup

Meanwhile, another TradingView analysis offered a more optimistic outlook, citing a bullish setup within an ascending channel. According to this perspective, the key support level of $0.00001947 will provide a big rebound opportunity for Shiba Inu.

Notably, Shiba Inu tested a price of $0.00001947 during Monday's market-wide sell-off. The suggested price target for a pullback scenario from this point is $0.00004170, indicating approximately 114% upside potential.

SHIB's long-term goals

Meanwhile, in another analysis on January 19th, emphasized This is a broader bullish setup, suggesting Shiba Inu prices could rise by 580%. The analysis references the high-low pattern since June 2023, indicating that the token is still in a bullish consolidation phase.

The analyst maintained that despite the recent bearish performance, Shiba Inu's overall bullish thesis remains intact. He expects the asset's next move to be above all-time highs, especially after regaining dominance above $0.000032. One of the key price targets identified in the long-term outlook is $0.00007056.

Meanwhile, analysts believe that a bullish wave could push the Shiba Inu price this season to $0.0001397, canceling out the zero.